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Q. With refer...

Question

Q. With reference to the earnings received by the Government of India, which of the following statements depicts the correct order from highest to lowest?

A

Customs > Corporation Tax > Income Tax.

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B

Corporation Tax > Customs > Income Tax.

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C

Income Tax > Corporation Tax > Customs.

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D

Corporation Tax > Income Tax > Customs.

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Solution

The correct option is D
Corporation Tax > Income Tax > Customs.
Explanation:

The following is the order of components of earnings of Government of India:

Corporation tax: 21%, GST: 21%, Borrowings and other liabilities: 19%, Income tax: 17%, Non-tax revenue: 8%, Union Excise Duty: 7%, Customs: 4%, Non-Debt Capital Receipts: 3%.

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